Apollo Global Management, Inc. Reports Fourth Quarter and Full Year 2019 Results

New York, January 30, 2020 - Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the fourth quarter and full year ended December 31, 2019.

"Our results for the fourth quarter of 2019 capped another exceptional year for Apollo, driven by strong investment performance across our integrated global platform," said Leon Black, Chairman and Chief Executive Officer. "Apollo generated fee related earnings of $0.59 per share for the quarter and $2.19 per share for the full year, an increase of 17% versus the prior year, which highlights the growing earnings power of our business. In addition, we attracted capital inflows of $64 billion during 2019, bringing total assets under management at year end to $331 billion, half of which is permanent capital. We believe this positive momentum leaves Apollo well-positioned as we head into 2020 and beyond."

Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2019 results, which can be viewed through the Stockholders section of Apollo's website at http://www.apollo.com/stockholders.

Dividends

Apollo has declared a cash dividend of $0.89 per share of its Class A Common Stock for the fourth quarter ended December 31, 2019. This dividend will be paid on February 28, 2020 to holders of record at the close of business on February 11, 2020. Apollo intends to distribute to its Class A common stockholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by the executive committee of its board of directors to be necessary or appropriate to provide for the conduct of its business and, at a minimum, a quarterly dividend of $0.40 per share.

Apollo has declared a cash dividend of $0.398438 per share of each of its Series A Preferred Stock and Series B Preferred Stock, which will be paid on March 16, 2020 to holders of record at the close of business on February 28, 2020.

The declaration and payment of dividends on Class A Common Stock, Series A Preferred Stock and Series B Preferred Stock are at the sole discretion of the executive committee of Apollo Global Management, Inc.'s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future.

Conference Call

Apollo will host a conference call on Thursday, January 30, 2020 at 10:00 a.m. Eastern Time. During the call, members of Apollo's senior management team will review Apollo's financial results for the fourth quarter and full year ended December 31, 2019. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +1 (615) 800-6914 (international), and providing conference call ID 7580766 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Stockholders section of Apollo's website at http://www.apollo.com/stockholders.

Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing (800) 585-8367 (U.S. callers) or +1 (404) 537-3406(non-U.S. callers), passcode 7580766. To access the audio webcast, please visit Events in the Stockholders section of Apollo's website at http://www.apollo.com/stockholders.

2019 Schedule K-1 Distribution and Form 1099 DIV

The 2019 schedules K-1 will be available on or about March 31, 2020 and can be accessed via www.partnerdatalink.com/Apollo. Stockholders can visit this site now to register to be notified when the 2019 schedules K-1 are available to be downloaded. Please note that the income, gain, loss, deduction, or credit reported to you on schedule K-1 is independent of the annual cash generated and the annual cash distributions made by Apollo. Formerly organized as a partnership for U.S. federal income tax purposes, investors in Apollo are required to report their share of the income, gain, loss, deduction, or credit that is allocated to them from Apollo. The U.S. federal taxable income of Apollo is determined by using the applicable U.S. federal income tax rules, and these amounts may vary from year to year depending on the nature of the income of Apollo and the activity of its subsidiaries. Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC ("AGM LLC") to a Delaware corporation named Apollo Global Management, Inc. ("AGM Inc." and such conversion, the "Conversion"). As of September 5, 2019, dividends to common and preferred stockholders are reported on Form 1099 DIV.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $331 billion as of December 31, 2019 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

Forward-Looking Statements

This press release includes the results for AGM LLC prior to the Conversion and the results for AGM Inc. following the Conversion. In this press release, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to (a) AGM Inc. and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, following the Conversion and (b) AGM LLC and its subsidiaries, Apollo Operating Group and all of its subsidiaries, prior to the Conversion, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 1, 2019 and quarterly report on Form 10-Q filed with the SEC on August 6, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

Gary M. Stein

Head of Investor Relations Apollo Global Management, Inc. 212-822-0467 gstein@apollo.com

Ann Dai

Joanna Rose

Charles Zehren

Investor Relations Manager

Global Head of Corporate Communications

Rubenstein Associates, Inc. for

Apollo Global Management, Inc.

Apollo Global Management, Inc.

Apollo Global Management, Inc.

212-822-0678

212-822-0491

212-843-8590

adai@apollo.com

jrose@apollo.com

czehren@rubenstein.com

2

Exhibit 99.2

A P O L L O G L O B A L M A N A G E M E N T

Apollo Global Management, Inc.

Fourth Quarter and Full Year 2019 Earnings

January 30, 2020

Apollo 4Q'19 Financial Results Highlights

GAAP

($ in millions, except per share data)

4Q'19

Per Share

FY'19

Per Share

•

Net Income

$358.0

N/A

$1,536.8

N/A

Results

• Net Income Attributable to Apollo Global Management, Inc.

$156.9

$0.68

$806.5

$3.72

Class A Common Stockholders

($ in millions, except per share data)

4Q'19

Per Share

FY'19

Per Share

Financial

•

Distributable Earnings ("DE")

$454.9

$1.10

$1,115.5

$2.71

•

Fee Related Earnings ("FRE")

$241.1

$0.59

$902.2

$2.19

Measures

& Dividend

•

Net Performance Fee Receivable of $762 million ($1.85 per share) as of 4Q'19

• Declared 4Q'19 dividend of $0.89 per share of Class A Common Stock and equivalent (payout ratio of 81%),

bringing FY'19 dividends to $2.35 per share of Class A Common Stock (payout ratio of 87%)

• Total Assets Under Management ("AUM") of $331.1 billion

Assets Under

•

Fee-Generating AUM ("FGAUM") of $246.4 billion

Management

•

Performance Fee-Eligible AUM ("PFEAUM") of $132.5 billion

• Dry Powder of $46.4 billion available for investment

• Inflows: $10.5 billion of capital inflows ($63.6 billion FY'19)

Business

• Deployment: $3.1 billion invested ($15.5 billion FY'19)

Drivers

• Realizations: $5.5 billion of capital returned to investors ($11.4 billion FY'19)

Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 30 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 29. Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the "Conversion").

1

GAAP Consolidated Statements of Operations (Unaudited)

Net Income was $358.0 million for the quarter ended December 31, 2019; Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders was $156.9 million for the quarter ended December 31, 2019

($ in thousands, except share data)

Revenues:

Management fees

Advisory and transaction fees, net

Investment income (loss):

Performance allocations

Principal investment income

Total investment income (loss)

Incentive fees

Total Revenues

Expenses:

Compensation and benefits:

Salary, bonus and benefits

Equity-based compensation

Profit sharing expense

Total compensation and benefits

Interest expense

General, administrative and other

Placement fees

Total Expenses

Other Income (Loss):

Net gains (losses) from investment activities

Net gains from investment activities of consolidated variable interest entities Interest income

Other income (loss), net

Total Other Income (Loss)

Income before income tax (provision) benefit

Income tax (provision) benefit

Net Income (Loss)

Net income attributable to Non-Controlling Interests

Net Income (Loss) Attributable to Apollo Global Management, Inc.

Series A Preferred Stock Dividends

Series B Preferred Stock Dividends

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders

Net Income (Loss) Per Share of Class A Common Stock:

Net Income (Loss) Available to Class A Common Stock - Basic Net Income (Loss) Available to Class A Common Stock - Diluted Weighted Average Number of Class A Common Stock Outstanding - Basic Weighted Average Number of Class A Common Stock Outstanding - Diluted

4Q'18

3Q'19

4Q'19

FY'18

FY'19

$358,150

$394,547

$413,026

$1,345,252

$1,575,814

70,133

16,440

56,511

112,278

123,644

(530,081)

254,103

374,677

(400,305)

1,057,139

(20,212)

33,393

67,507

5,122

166,527

(550,293)

287,496

442,184

(395,183)

1,223,666

7,125

4,238

3,051

30,718

8,725

(114,885)

702,721

914,772

1,093,065

2,931,849

115,981

126,695

144,986

459,604

514,513

49,585

42,665

57,244

173,228

189,648

(179,160)

88,610

276,591

(57,833)

556,926

(13,594)

257,970

478,821

574,999

1,261,087

15,206

27,833

28,126

59,374

98,369

71,593

85,313

91,528

266,444

330,342

738

256

891

2,122

1,482

73,943

371,372

599,366

902,939

1,691,280

(207,094)

(19,790)

94,055

(186,449)

138,154

16,366

10,631

15,183

45,112

39,911

7,137

10,152

9,584

20,654

35,522

33,941

(43,144)

(9,856)

35,829

(46,307)

(149,650)

(42,151)

108,966

(84,854)

167,280

(338,478)

289,198

424,372

105,272

1,407,849

(39,425)

231,896

(66,351)

(86,021)

128,994

(377,903)

521,094

358,021

19,251

1,536,843

190,658

(157,824)

(191,978)

(29,627)

(693,650)

(187,245)

363,270

166,043

(10,376)

843,193

(4,382)

(4,382)

(4,383)

(17,531)

(17,531)

(4,781)

(4,782)

(4,781)

(14,131)

(19,125)

($196,408)

$354,106

$156,879

($42,038)

$806,537

($1.00)

$1.64

$0.68

($0.30)

$3.72

($1.00)

$1.63

$0.68

($0.30)

$3.71

200,269,856

205,797,643

221,863,632

199,946,632

207,072,413

200,269,856

207,641,323

221,863,632

199,946,632

208,748,524

2

Total Segments

($ in thousands, except per share data)

4Q'18

3Q'19

4Q'19

FY'18

FY'19

Management fees

$344,716

$378,372

$387,764

$1,282,688

$1,491,070

Advisory and transaction fees, net

70,021

16,562

56,206

111,567

122,890

Performance fees1

10,285

6,449

4,739

28,390

21,110

Total Fee Related Revenues

425,022

401,383

448,709

1,422,645

1,635,070

Salary, bonus and benefits

(102,397)

(116,859)

(130,463)

(414,962)

(463,316)

General, administrative and other

(65,243)

(70,740)

(76,075)

(239,291)

(273,004)

Placement fees

(738)

(256)

(494)

(2,122)

(1,085)

Total Fee Related Expenses

(168,378)

(187,855)

(207,032)

(656,375)

(737,405)

Other income (loss), net of Non-Controlling Interest

(1,033)

(738)

(542)

4,969

4,537

Fee Related Earnings

$255,611

$212,790

$241,135

$771,239

$902,202

Per share2

$0.62

$0.52

$0.59

$1.87

$2.19

Realized performance fees3

50,381

67,434

437,548

380,188

602,106

Realized profit sharing expense3

(37,992)

(23,823)

(211,984)

(225,629)

(290,252)

Net Realized Performance Fees

12,389

43,611

225,564

154,559

311,854

Realized principal investment income, net4

9,158

14,374

28,606

69,711

65,697

Net interest loss and other

(8,617)

(18,251)

(19,369)

(42,030)

(65,326)

Segment Distributable Earnings

$268,541

$252,524

$475,936

$953,479

$1,214,427

Taxes and related payables

(9,445)

(20,895)

(11,891)

(44,215)

(62,300)

Preferred dividends

(9,163)

(9,164)

(9,164)

(31,662)

(36,656)

Distributable Earnings

$249,933

$222,465

$454,881

$877,602

$1,115,471

Per share2

$0.60

$0.54

$1.10

$2.12

$2.71

Net dividend per share2

$0.56

$0.50

$0.89

$1.83

$2.35

Payout ratio

93%

93%

81%

86%

87%

  1. Represents certain performance fees from business development companies and Redding Ridge Holdings LP ("Redding Ridge Holdings"), an affiliate of Redding Ridge.
  2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total shares of Class A Common Stock outstanding, Apollo Operating Group Units and RSUs that participate in dividends. See page 22 for details regarding the stockholder dividend and page 27 for the share reconciliation.
  3. FY'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.
  4. Realized principal investment income, net includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program.

3

Fee Related Earnings Rollforward

2019 full year FRE of $2.19, up 17% year-over-year and 4Q'19 FRE of $0.59, up 13% quarter-over-quarter 2019 full year FRE margin increased to 55%, compared to 54% during full year 2018

Quarterly Trailing FRE

FRE Bridge

($ in millions)

FRE Margin1

$255.6

60%

4Q'18

Per

Share2 $0.62

Advisory &

Mgmt

Transaction

Fees

Fees

$9

$40

$238.5

$241.1

($14)

$209.8

$212.8

($5)

($2)

Comp

Non-Comp

Performance

Fees

58%

54%

55%

53%

•

1Q'19

2Q'19

3Q'19

4Q'19

$0.51

$0.58

$0.52

$0.10

$0.02

$(0.03)

$(0.01)

$-

$0.59

"NM" as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides.

  1. FRE Margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees and certain performance fees), as well as other income attributable to FRE.
  2. Per share components may not sum due to rounding.

4

Distributable Earnings and Dividend

DE per share more than doubled quarter-over-quarter, primarily due to growth in FRE and net realized performance fees. Supplemented existing dividend policy by announcing intent to distribute a minimum quarterly dividend of $0.40 per share of Class A Common Stock.

Distributable Earnings per Share1

$1.10

$0.60

$0.56

$0.54

$0.50

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

Dividend per Share1

$0.89

$0.56

$0.46

$0.50

$0.50

$0.40

Minimum

Quarterly

Dividend

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

1. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. The declaration and payment of any dividends are at the sole discretion of the executive committee of AGM Inc.'s board of directors, which may change the policy at any time, including, without limitation, to eliminate the dividend entirely.

5

Assets Under Management

Total AUM increased to $331.1 billion, driven by $10.5 billion of inflows during the quarter, primarily from growth of Athene and across the credit platform; inflows over the twelve months ended December 31, 2019 totaled $63.6 billion

As of the end of the quarter, $22.5 billion of AUM is Dry Powder with future management fee potential

Total AUM

($ in billions)

$322.7

$331.1

$331.1

$37.2

$38.8

$38.8

$280.3

$30.8

$76.8

CAGR

$76.8

$77.9

16%

$75.1

$159.8

$18.8

$207.6

$215.5

$48.7

$215.5

$174.4

$92.3

4Q'18

3Q'19

4Q'19

4Q'14

4Q'19

Credit

Private Equity

Real Assets

Fee-Generating AUM

($ in billions)

$243.0

$246.4

$246.4

$214.4

$28.2

$29.7

$29.7

$23.7

$46.7

$43.8

CAGR

$43.8

14%

$46.6

$128.7

$14.3

$168.1

$172.9

$33.9

$172.9

$144.1

$80.5

4Q'18

3Q'19

4Q'19

4Q'14

4Q'19

Credit

Private Equity

Real Assets

6

Performance Fee Assets Under Management

Total Performance Fee-Eligible AUM of $132.5 billion grew 9% year-over-year, driven by growth in permanent capital vehicles and fundraising throughout our corporate credit funds

Performance Fee-Eligible AUM

($ in billions)

$131.2

$132.5

$132.5

$121.8

$10.0

$10.4

$10.4

$9.3

$62.6

$61.1

$61.1

$62.6

$78.0

$7.0

$42.9

$49.9

$58.6

$61.0

$61.0

$28.1

4Q'18

3Q'19

4Q'19

4Q'14

4Q'19

Credit

Private Equity

Real Assets

Performance Fee-Generating AUM

($ in billions)

$65.0

$66.6

$66.6

$5.2

$5.2

$4.3

$48.6

$24.3

$22.9

$22.9

$2.0

$23.0

$31.5

$3.7

$36.4

$38.5

$15.3

$38.5

$23.6

$12.5

4Q'18

3Q'19

4Q'19

4Q'14

4Q'19

Credit

Private Equity

Real Assets

7

Total AUM & Fee-Generating AUM

Total AUM Rollforward1

($ in millions)

Credit3

Private

Real Assets

Total

Equity

3Q'19

$207,658

$77,863

$37,153

$322,674

Inflows

8,698

418

1,381

10,497

Outflows2

(2,016)

(15)

-

(2,031)

Net Flows

6,682

403

1,381

8,466

Realizations

(774)

(3,734)

(1,032)

(5,540)

Market Activity

1,964

2,256

1,285

5,505

4Q'19

$215,530

$76,788

$38,787

$331,105

QoQ Change

4%

(1%)

4%

3%

FY'19 Total AUM Rollforward1

Credit

3

Private

Real Assets

Total

($ in millions)

Equity

4Q'18

$174,378

$75,086

$30,795

$280,259

Inflows

51,104

3,779

8,682

63,565

Outflows2

(10,942)

(169)

(399)

(11,510)

Net Flows

40,162

3,610

8,283

52,055

Realizations

(2,111)

(7,275)

(2,056)

(11,442)

Market Activity

3,101

5,367

1,765

10,233

4Q'19

$215,530

$76,788

$38,787

$331,105

YoY Change

24%

2%

26%

18%

Fee-Generating AUM Rollforward1

Credit

Private

Real Assets

Total

($ in millions)

Equity

3Q'19

$168,096

$46,698

$28,235

$243,029

Inflows

6,975

259

1,497

8,731

Outflows2

(3,068)

(2,256)

(36)

(5,360)

Net Flows

3,907

(1,997)

1,461

3,371

Realizations

(311)

(976)

(265)

(1,552)

Market Activity

1,201

101

296

1,598

4Q'19

$172,893

$43,826

$29,727

$246,446

QoQ Change

3%

(6%)

5%

1%

FY'19 Fee-Generating AUM Rollforward1

Credit

Private

Real Assets

Total

($ in millions)

Equity

4Q'18

$144,071

$46,633

$23,663

$214,367

Inflows

39,968

1,677

7,098

48,743

Outflows2

(12,703)

(2,955)

(761)

(16,419)

Net Flows

27,265

(1,278)

6,337

32,324

Realizations

(854)

(1,739)

(628)

(3,221)

Market Activity

2,411

210

355

2,976

4Q'19

$172,893

$43,826

$29,727

$246,446

YoY Change

20%

(6%)

26%

15%

  1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
  2. Included in the 4Q'19 outflows for both Total AUM and FGAUM are $0.6 billion of redemptions. Included in the FY'19 outflows for both Total AUM and FGAUM are $2.9 billion of redemptions.
  3. As of 4Q'19, Credit AUM includes $15.8 billion of CLOs, $8.7 billion of which Apollo earns fees based on gross assets and $7.1 billion of which relates to Redding Ridge, from which Apollo earns fees based on net asset value.

8

Capital Deployment, Dry Powder & Performance Fee-Eligible AUM

Dry Powder Composition

($ in billions)

Real

Credit

Assets

$9.7

$4.8

$46

Other PE $9.0

billion

$2.7

$20.2

Fund IX

Fund VIII

Private Equity

$31.9

Capital Deployment1

($ in billions)

4Q'19

FY'19

Real

Real

Assets

$2.2

Credit

Assets $0.5

$1.2

Credit

$5.2

$3 billion

$15 billion

$1.4

$8.1

Private

Private

Equity

Equity

Performance Fee-Eligible AUM

($ in billions)

Uninvested

Performance

Fee-Eligible AUM

$44.7

$133 billion

Currently

$66.6

Generating

Performance

Fees

Not Currently

$21.2

Generating

Performance

Fees

Strategy / Fund

Invested AUM Not

Investment

Appreciation

Currently Generating

Period Active

Required to Achieve

Performance Fees

>24 Months2

Performance Fees3,4

Corporate Credit

$5.4

$5.4

3%

Structured Credit

0.6

0.6

18%

Direct Origination

0.3

-

N/A

Advisory and Other

6.2

-

N/A

Credit

12.5

6.0

4%

ANRP I

0.3

0.3

129%

Hybrid Capital

2.3

1.6

102%

Other PE

5.5

0.1

105%

Private Equity

8.1

2.0

106%

Real Assets

0.6

0.4

> 250bps

Total

$21.2

$8.4

1. Reflects capital deployment activity from commitment based funds and accounts that have a defined maturity date. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of December 31, 2019. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. Funds with an investment period less than 24 months are "N/A" 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor.

9

Permanent Capital Vehicles, Athene, and Athora

Permanent Capital AUM

Supplemental Information

($ in billions)

$166

($ in billions)

3Q'19

4Q'19

$136

Athene3

$125.5

$130.3

Athora

14.0

13.9

$72

$87

MidCap

8.6

9.0

47%

49%

50%

45%

ARI

1

6.7

6.7

$25

AINV/Other2

5.2

5.1

22%

2012

2014

2016

2018

2019

AFT/AIF

0.8

0.7

Permanent CapitalPeriodAUMEnding

% of Total AUM

Total AUM in Permanent Capital Vehicles

$160.8

$165.7

Fee Related Revenue from Permanent Capital

($ in millions)

$184

$189

$175

$162

$167

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

Athene and Athora AUM

($ in billions)

3Q'19

4Q'19

Athene3

$125.5

$130.3

Core Assets

33.5

32.3

Core Plus Assets

31.8

30.1

Yield Assets

46.0

48.6

High Alpha

4.3

5.1

Cash, Treasuries, Equities and Alternatives

9.9

14.2

Athora

$14.0

$13.9

Non-Sub-Advised

10.4

10.0

Sub-Advised

3.6

3.9

Total Athene and Athora AUM

$139.5

$144.2

1. Amounts are as of September 30, 2019. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI's website is not part of this presentation. 2. Amounts are as of September 30, 2019. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV's website is not part of this presentation. Includes $1.8 billion of AUM related to a non-traded business development company. 3. On June 10, 2019, Athene and Apollo agreed to revise the existing fee arrangements between Athene and Apollo and entered into the Seventh Amended and Restated Fee Agreement (the "fee agreement"). The fee agreement has retroactive effect to the month beginning January 1, 2019 and the Company began recording fees under the fee agreement on January 1, 2019. The fee agreement amends the pre-existing agreement and provides for sub-allocation fees which vary based on portfolio allocation differentiation. Includes $10.0 billion of gross assets related to ACRA Re Ltd. and $2.6 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program ("ADIP").

10

Net Performance Fee Receivable Rollforward

Net Performance Fee Receivable1

(Per Share2)

Net

Performance

Net Realized

Fees/Other3

Performance

+$0.48

Fees

$1.93

$1.85

$1.55

($0.56)

$1.15

$1.29

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

($ in

$475

$533

$637

$795

$197

($230)

$762

millions)

Note: All per share figures calculated using Distributable Earnings Shares Outstanding.

  1. Net Performance Fee Receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments.
  2. Ending per share amounts in the rollforward may not sum as the starting and ending points are based on the applicable period's share count.
  3. Net Performance Fees/Other includes (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction-related charges, and excludes general partner obligations to return previously distributed performance fees.

11

Segment Highlights

Credit

Commentary

  • Total AUM increased 4% quarter-over-quarter to $216 billion, primarily driven by the acquisition of PK AirFinance from GE Capital's Aviation Services unit, as well as other Athene growth and capital raises for ADIP and MidCap-related accounts. In connection with
    the PK AirFinance transaction, Apollo has acquired the PK AirFinance aircraft lending platform and Athene and third parties have acquired PK AirFinance's existing portfolio of loans via a securitization5
  • Fee-generatinginflows of $40 billion during the twelve months ended December 31, 2019; excluding Generali Belgium, Lincoln Financial and other acquisitions, organic inflows were $27 billion related to growth in Athene
  • Full year FRE increased 36% year-over-year, driven by growth in management fees from permanent capital vehicles and fundraising, as well as higher advisory and transaction fees driven by the New Media transaction
  • Capital deployment2 from commitment-based funds of $1.2 billion for the quarter driven by structured credit, longevity assets, aviation lending and opportunistic investments in the utilities, communication services, real estate and consumer discretionary sectors
  • Robust Distributable Earnings during the quarter, highlighted by realized performance fees of $145 million primarily driven by Midcap, corporate credit and structured credit funds

Advisory and

($ in billions)

Other

Direct

$28.0

Origination

$24.2

$216bn

AUM $110.7

$52.7

Structured

Corporate

Credit

Credit

$140bn from

Permanent Capital Vehicles

Financial Results Summary

% Change

% Change

Corporate Credit4

($ in thousands)

4Q'18

4Q'19

vs. 4Q'18

FY'18

FY'19

vs. FY'18

2.2% / 10.6%

Management fees

$172,261

$207,382

20%

$642,331

$779,266

21%

Structured Credit

Advisory and transaction fees, net

2,388

30,228

NM

8,872

44,116

397%

Performance fees3

10,285

4,739

(54%)

28,390

21,110

(26%)

2.5% / 13.0%

Total Fee Related Revenues

184,934

242,349

31%

679,593

844,492

24%

Direct Origination

Salary, bonus and benefits

(46,256)

(49,628)

7%

(180,448)

(196,143)

9%

Non-compensation expenses

(34,127)

(39,348)

15%

(120,580)

(131,936)

9%

2.6% / 12.2%

Total Fee Related Expenses

(80,383)

(88,976)

11%

(301,028)

(328,079)

9%

4Q'19 / FY'19

Other income (loss), net of NCI

(1,156)

(913)

(21%)

1,104

54

(95%)

Credit Gross Return1

Fee Related Earnings

$103,395

$152,460

47%

$379,669

$516,467

36%

Realized performance fees

16,109

144,724

NM

45,139

169,611

276%

$5.8bn / $26.5bn

Realized profit sharing expense

(12,766)

(80,606)

NM

(36,079)

(93,675)

160%

4Q'19 / FY'19

Realized principal investment income, net

2,312

(8,039)

NM

19,199

8,764

(54)%

Net interest loss and other

(2,537)

(6,849)

170%

(13,619)

(21,997)

62%

Fee-generating inflows

(excludes acquisitions)

Segment Distributable Earnings

$106,513

$201,690

89%

$394,309

$579,170

47%

1. Represents Gross Return as defined in the non-GAAP financial information and definitions section of this presentation. The 4Q'19 Net Returns for corporate credit, structured credit and direct origination were 1.9%, 2.0% and 1.1%, respectively. The FY'19 Net Returns for corporate credit, structured credit and direct origination were 9.5%, 10.6% and 8.2%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investment accounts ("SIAs") that have a defined maturity date. 3. Represents certain performance fees from business development companies and Redding Ridge Holdings. 4. CLOs are included within corporate credit. The 4Q'19 and FY'19 gross returns for CLOs were 1.8% and 8.3%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. 5. The transfer of a portion of the business was deferred pending certain regulatory and other conditions and is expected to be completed in the first half of 2020.

13

Private Equity

Commentary

  • Total AUM remained at $77 billion at quarter end, driven by market activity and inflows, net of realizations
  • Generated inflows of $0.4 billion during the quarter, primarily driven by the final close of ANRP III and upsize in commitment to a hybrid capital managed account
  • Realization activity primarily driven by the share sales and a distribution related to Verallia, final sale of Presidio, distributions related to ADT and final sale of Pegasus
  • Deployed $1.4 billion and committed to invest an additional $4.4 billion during the quarter; total committed but not yet deployed capital1 at quarter end was $4.5 billion (excluding co-investments) of which $1.2 billion related to energy asset build-ups expected to be deployed over time
  • Private equity fund appreciation during the quarter of 4.0%2, as gains in public portfolio company holdings in Fund VII and Fund VIII outpaced depreciation in private energy holdings

Natural

($ in billions)

Resources

Hybrid $5.6

Capital

$9.1

$77bn

AUM

$62.1 Private

Equity

$1bn from

Permanent Capital Vehicles

Financial Results Summary

% Change

% Change

4.0% / 15.6%

($ in thousands)

4Q'18

4Q'19

vs. 4Q'18

FY'18

FY'19

vs. FY'18

4Q'19 / FY'19

Management fees

$130,910

$131,417

-%

$477,185

$523,194

10%

Private Equity Fund Appreciation1

Advisory and transaction fees, net

59,610

24,276

(59%)

89,602

71,324

(20%)

Public Investments3

Total Fee Related Revenues

190,520

155,693

(18%)

566,787

594,518

5%

Salary, bonus and benefits

(39,208)

(55,096)

41%

(160,512)

(184,403)

15%

Shares Held (mm)

Non-compensation expenses

(20,891)

(23,935)

15%

(80,035)

(99,910)

25%

ADT Security Services (NYSE: ADT)

Total Fee Related Expenses

(60,099)

(79,031)

32%

(240,547)

(284,313)

18%

Fund VIII

282.3

Verallia (EPA: VRLA)

Other income, net

84

282

236%

1,923

4,306

124%

Fund VIII

65.5

Fee Related Earnings

$130,505

$76,944

(41)%

$328,163

$314,511

(4)%

OneMain (NYSE: OMF)

Realized performance fees

33,926

292,723

NM

279,078

429,152

54%

Fund VIII

26.5

Realized profit sharing expense

(24,077)

(131,240)

445%

(156,179)

(195,140)

25%

Talos Energy (NYSE: TALO)

Realized principal investment income, net

5,162

35,703

NM

43,150

53,782

25%

Fund VII and ANRP I

19.2

Net interest loss and other

(4,462)

(9,110)

104%

(20,081)

(31,804)

58%

Watches of Switzerland (LSE: WOSG)

Fund VII

127.4

Segment Distributable Earnings

$141,054

$265,020

88%

$474,131

$570,501

20%

1. Represents capital committed to investments as of December 31, 2019 by Apollo's private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 2. Represents private equity fund appreciation as defined in the non-GAAP financial information and definitions section of this presentation. 3. Excludes shares of Athene Holding. The table above includes the public portfolio companies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles.

14

Real Assets

Commentary

  • AUM increased 4% quarter-over-quarter to $39 billion driven by strong inflows and fund appreciation
  • Inflows of $1.4 billion during the quarter were driven by ARI, real estate debt managed accounts and infrastructure managed accounts
  • Realizations of $1.0 billion during the quarter primarily due to infrastructure managed accounts, EPF II, ARI and real estate debt managed accounts
  • Full year FRE increased by 12% year-over-year driven by higher management fees earned from ARI, real estate debt managed accounts, infrastructure funds and real estate equity funds
  • Real assets gross return of 7.5% during the quarter ended December 31, 2019 primarily driven by appreciation in our principal finance, infrastructure equity and U.S. real estate funds

Infrastructure

($ in billions)

Principal$2.2

Finance $7.2

$39bn

AUM

$29.4

Real Estate

$25bn from

Permanent Capital Vehicles

Financial Results Summary

% Change

% Change

7.5% / 16.2%

($ in thousands)

4Q'18

4Q'19

vs. 4Q'18

FY'18

FY'19

vs. FY'18

4Q'19 / FY'19

Management fees

$41,545

$48,965

18%

$163,172

$188,610

16%

Advisory and transaction fees, net

8,023

1,702

(79%)

13,093

7,450

(43%)

Combined

Gross Return1

Total Fee Related Revenues

49,568

50,667

2%

176,265

196,060

11%

Salary, bonus and benefits

(16,933)

(25,739)

52%

(74,002)

(82,770)

12%

$1.5bn / $7.1bn

Non-compensation expenses

(10,963)

(13,286)

21%

(40,798)

(42,243)

4%

Total Fee Related Expenses

(27,896)

(39,025)

40%

(114,800)

(125,013)

9%

4Q'19 / FY'19

Other income, net of NCI

39

89

128%

1,942

177

(91%)

Fee-generating inflows

Fee Related Earnings

$21,711

$11,731

(46)%

$63,407

$71,224

12%

Realized performance fees

346

101

(71)%

55,971

3,343

(94)%

Realized profit sharing expense

(1,149)

(138)

(88)%

(33,371)

(1,437)

(96)%

$38.8bn

Realized principal investment income, net

1,684

942

(44)%

7,362

3,151

(57)%

Net interest loss and other

(1,618)

(3,410)

111%

(8,330)

(11,525)

38%

Total AUM up 4% QoQ

Segment Distributable Earnings

$20,974

$9,226

(56)%

$85,039

$64,756

(24)%

1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European principal finance funds and infrastructure equity funds.

15

Balance Sheet Highlights

GAAP Consolidated Statements of Financial Condition (Unaudited)

($ in thousands, except share data)

As of

As of

December 31, 2019

December 31, 2018

Assets:

Cash and cash equivalents

$1,556,202

$609,747

Restricted cash

19,779

3,457

U.S. Treasury securities, at fair value

554,387

392,932

Investments (includes performance allocations of $1,507,571 and $912,182 as of December 31, 2019 and December 31, 2018, respectively)

3,609,859

2,722,612

Assets of consolidated variable interest entities

1,300,186

1,290,891

Incentive fees receivable

2,414

6,792

Due from related parties

415,069

378,108

Deferred tax assets, net

473,165

306,094

Other assets

326,449

192,169

Lease assets

190,696

-

Goodwill

93,911

88,852

Total Assets

$8,542,117

$5,991,654

Liabilities and Stockholders' Equity

Liabilities:

Accounts payable and accrued expenses

$94,364

$70,878

Accrued compensation and benefits

64,393

73,583

Deferred revenue

84,639

111,097

Due to related parties

501,387

425,435

Profit sharing payable

758,669

452,141

Debt

2,650,600

1,360,448

Liabilities of consolidated variable interest entities

929,719

934,438

Other liabilities

210,740

111,794

Lease liabilities

209,479

-

Total Liabilities

5,503,990

3,539,814

Stockholders' Equity:

Apollo Global Management, Inc. stockholders' equity:

Series A Preferred Shares, 11,000,000 shares issued and outstanding as of December 31, 2018

-

264,398

Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2019

264,398

-

Series B Preferred Shares, 12,000,000 shares issued and outstanding as of December 31, 2018

-

289,815

Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2019

289,815

-

Class A Shares, no par value, unlimited shares authorized, 201,400,500 shares issued and outstanding as of December 31, 2018

-

-

Class A Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 222,994,407 shares issued and outstanding as of December 31, 2019

-

-

Class B Shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of December 31, 2018

-

-

Class B Common Stock, $0.00001 par value, 999,999,999 shares authorized, 1 share issued and outstanding as of December 31, 2019

-

-

Class C Common Stock, $0.00001 par value, 1 share authorized, 1 share issued and outstanding as of December 31, 2019

-

-

Additional paid in capital

1,302,587

1,299,418

Accumulated earnings (deficit)

-

(473,276)

Accumulated other comprehensive loss

(4,578)

(4,159)

Total Apollo Global Management, Inc. Stockholders' Equity

1,852,222

1,376,196

Non-Controlling Interests in consolidated entities

281,904

271,522

Non-Controlling Interests in Apollo Operating Group

904,001

804,122

Total Stockholders' Equity

3,038,127

2,451,840

Total Liabilities and Stockholders' Equity

$8,542,117

$5,991,654

17

Segment Balance Sheet Highlights

Summary Balance Sheet1

Share Repurchase Activity - 1Q'16 through 4Q'195

Supplemental Details

($ in millions)

4Q'19

($ and share amounts in millions)

Inception to

Date

A/A

Cash and cash equivalents

$1,556

Open Market Share Repurchases

6.3

Rated by S&P and Fitch

U.S. Treasury securities, at fair value

554

Reduction of Shares Issued to Participants6

7.1

$750 million

Performance fees receivable

1,494

Total Shares Purchased

13.4

Profit sharing payable2

(732)

Undrawn Revolving Credit

Facility (Expiring in 2023)

GP & Other Investments3,4

2,183

Total Capital Used for Share Purchases

$350

Total Net Value

$5,055

$2.1 billion

Share Repurchase Plan Authorization7

$500

Debt

($2,651)

Cash and cash equivalents and

Average Price Paid Per Share8

$26.24

U.S. Treasury securities

Unfunded Future Commitments

$1,416

1. Amounts are presented on an unconsolidated basis. 2. Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo's general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. 4. Investment in Athene/AAA primarily comprises Apollo's direct investment of 19.1 million shares of Athene Holding valued at $47.03 per share as of December 31, 2019 and 1.6 million shares of AAA valued at NAV. 5. Since 1Q'16, the Company in its discretion has elected to repurchase 1.8 million shares of Class A Common Stock for $56.0 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the January 2019 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents a reduction in shares of Class A Common Stock to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company's equity incentive plan (the "Plan"), which the Company refers to as "net share settlement." 7. In January 2019, the Company increased its authorized share repurchase amount by $250 million bringing the total share repurchase plan authorization to $500 million, which may be used to repurchase outstanding shares of Class A Common Stock as well as to reduce shares of Class A Common Stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased.

18

Supplemental Details

Segment Performance Fees

As of December 31,

4Q'19

FY'19

2019

Performance Fees

Unrealized

Realized

Total

Unrealized

Realized

Total

Receivable on an

Performance

Performance

Performance

Performance

Performance

Performance

($ in thousands)

Unconsolidated Basis

Fees

Fees

Fees

Fees

Fees

Fees

Credit

Corporate Credit1

$89,611

($56,472)

$87,542

$31,070

$10,098

$97,674

$107,772

Structured Credit

201,437

9,872

16,314

26,186

55,640

35,527

91,167

Direct Origination

104,535

(39,633)

45,607

5,974

(17,080)

57,520

40,440

Total Credit

$395,583

($86,233)

$149,463

$63,230

$48,658

$190,721

$239,379

Total Credit, net of profit sharing expense

103,835

(68,319)

68,857

538

8,443

97,046

105,489

Private Equity

Fund VIII2

$715,531

($81,002)

$263,191

$182,189

$274,337

$387,994

$662,331

Fund VII1,2

172

31,150

526

31,676

(59,065)

2,703

(56,362)

Fund VI2

17,130

291

688

979

28,331

3,496

31,827

Fund IV and V1

-

(108)

-

(108)

(1,252)

-

(1,252)

ANRP I and II1,2

5,119

(46,555)

10,818

(35,737)

(32,497)

13,918

(18,579)

Other1,3

94,026

6,061

17,500

23,561

35,685

21,041

56,726

Total Private Equity

$831,978

($90,163)

$292,723

$202,560

$245,539

$429,152

$674,691

Total Private Equity, net of profit sharing expense

506,433

(77,435)

161,483

84,048

150,932

234,012

384,944

Real Assets

Principal Finance

$199,208

$71,585

$-

$71,585

$77,028

$1,760

$78,788

U.S. RE Fund I and II

22,685

9,398

-

9,398

6,527

1,645

8,172

Infrastructure Equity Fund

18,188

7,968

-

7,968

18,188

-

18,188

Other3

26,442

7,536

101

7,637

15,098

(62)

15,036

Total Real Assets

$266,523

$96,487

$101

$96,588

$116,841

$3,343

$120,184

Total Real Assets, net of profit sharing expense

151,796

53,133

(37)

53,096

67,615

1,906

69,521

Total

$1,494,084

($79,909)

$442,287

$362,378

$411,038

$623,216

$1,034,254

Total, net of profit sharing expense4

$762,064

($92,621)

$230,303

$137,682

$226,990

$332,964

$559,954

  1. As of December 31, 2019, certain private equity funds had $189.3 million, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain private equity funds was $1,483.1 million, as of December 31, 2019.
  2. As of December 31, 2019, the remaining investments and escrow cash of Fund VIII were valued at 131% of the fund's unreturned capital, which was above the required escrow ratio of 115%. As of December 31, 2019, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 63%, 35%, 47% and 90% of the fund's unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of December 31, 2019, Fund VII had $128.5 million of gross performance fees, or $73.3 million net of profit sharing, in escrow. As of December 31, 2019, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of December 31, 2019, ANRP I had $40.2 million of gross performance fees, or $26.0 million net of profit sharing, in escrow. As of December 31, 2019, ANRP II had $31.2 million of gross performance fees, or $19.5 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, ANRP II and ANRP I, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds' partnership agreements. Performance fees receivable as of December 31, 2019 and realized performance fees for 4Q'19 include interest earned on escrow balances that is not subject to contingent repayment.
  3. Other includes certain SIAs.
  4. There was a corresponding profit sharing payable of $758.7 million as of December 31, 2019, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $112.5 million.

20

Segment Results

Credit ($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Management fees

$172,261

$182,742

$190,275

$198,867

$207,382

$642,331

$779,266

Advisory and transaction fees, net

2,388

2,848

5,510

5,530

30,228

8,872

44,116

Performance fees1

10,285

661

9,261

6,449

4,739

28,390

21,110

Total Fee Related Revenues

184,934

186,251

205,046

210,846

242,349

679,593

844,492

Salary, bonus and benefits

(46,256)

(44,304)

(50,465)

(51,746)

(49,628)

(180,448)

(196,143)

General, administrative and other

(33,847)

(27,496)

(31,647)

(33,403)

(39,118)

(119,450)

(131,664)

Placement fees

(280)

305

(157)

(190)

(230)

(1,130)

(272)

Total Fee Related Expenses

(80,383)

(71,495)

(82,269)

(85,339)

(88,976)

(301,028)

(328,079)

Other income (loss), net of Non-Controlling Interest

(1,156)

(404)

1,968

(597)

(913)

1,104

54

Credit Fee Related Earnings

$103,395

$114,352

$124,745

$124,910

$152,460

$379,669

$516,467

Realized performance fees

16,109

3,327

18,030

3,530

144,724

45,139

169,611

Realized profit sharing expense

(12,766)

(3,518)

(7,877)

(1,674)

(80,606)

(36,079)

(93,675)

Net Realized Performance Fees

3,343

(191)

10,153

1,856

64,118

9,060

75,936

Realized principal investment income, net

2,312

3,049

7,909

5,845

(8,039)

19,199

8,764

Net interest loss and other

(2,537)

(4,386)

(4,656)

(6,106)

(6,849)

(13,619)

(21,997)

Credit Segment Distributable Earnings

$106,513

$112,824

$138,151

$126,505

$201,690

$394,309

$579,170

Private Equity ($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Management fees

$130,910

$130,496

$129,638

$131,643

$131,417

$477,185

$523,194

Advisory and transaction fees, net

59,610

16,136

20,257

10,655

24,276

89,602

71,324

Total Fee Related Revenues

190,520

146,632

149,895

142,298

155,693

566,787

594,518

Salary, bonus and benefits

(39,208)

(43,233)

(40,267)

(45,807)

(55,096)

(160,512)

(184,403)

General, administrative and other

(20,440)

(25,862)

(22,962)

(26,603)

(23,671)

(79,450)

(99,098)

Placement fees

(451)

135

(618)

(65)

(264)

(585)

(812)

Total Fee Related Expenses

(60,099)

(68,960)

(63,847)

(72,475)

(79,031)

(240,547)

(284,313)

Other income (loss), net

84

196

3,963

(135)

282

1,923

4,306

Private Equity Fee Related Earnings

$130,505

$77,868

$90,011

$69,688

$76,944

$328,163

$314,511

Realized performance fees

33,926

60,456

12,231

63,742

292,723

279,078

429,152

Realized profit sharing expense

(24,077)

(37,727)

(4,089)

(22,084)

(131,240)

(156,179)

(195,140)

Net Realized Performance Fees

9,849

22,729

8,142

41,658

161,483

122,899

234,012

Realized principal investment income, net

5,162

8,088

1,877

8,114

35,703

43,150

53,782

Net interest loss and other

(4,462)

(6,133)

(7,650)

(8,911)

(9,110)

(20,081)

(31,804)

Private Equity Segment Distributable Earnings

$141,054

$102,552

$92,380

$110,549

$265,020

$474,131

$570,501

Real Assets ($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Management fees

$41,545

$45,385

$46,398

$47,862

$48,965

$163,172

$188,610

Advisory and transaction fees, net

8,023

76

5,295

377

1,702

13,093

7,450

Total Fee Related Revenues

49,568

45,461

51,693

48,239

50,667

176,265

196,060

Salary, bonus and benefits

(16,933)

(18,188)

(19,537)

(19,306)

(25,739)

(74,002)

(82,770)

General, administrative and other

(10,956)

(9,675)

(8,547)

(10,734)

(13,286)

(40,391)

(42,242)

Placement fees

(7)

-

-

(1)

-

(407)

(1)

Total Fee Related Expenses

(27,896)

(27,863)

(28,084)

(30,041)

(39,025)

(114,800)

(125,013)

Other income (loss), net of Non-Controlling Interest

39

(62)

156

(6)

89

1,942

177

Real Assets Fee Related Earnings

$21,711

$17,536

$23,765

$18,192

$11,731

$63,407

$71,224

Realized performance fees

346

6

3,074

162

101

55,971

3,343

Realized profit sharing expense

(1,149)

106

(1,340)

(65)

(138)

(33,371)

(1,437)

Net Realized Performance Fees

(803)

112

1,734

97

(37)

22,600

1,906

Realized principal investment income, net

1,684

299

1,495

415

942

7,362

3,151

Net interest loss and other

(1,618)

(2,173)

(2,708)

(3,234)

(3,410)

(8,330)

(11,525)

Real Assets Segment Distributable Earnings

$20,974

$15,774

$24,286

$15,470

$9,226

$85,039

$64,756

1. Represents certain performance fees from business development companies and Redding Ridge Holdings.

21

Stockholder Dividend

Generated $1.10 of Distributable Earnings per Share during the quarter

Apollo declared a quarterly dividend of $0.89 per share of Class A Common Stock to holders of record as of February 11, 2020, which is payable on February 28, 2020

($ in thousands, except per share data)

4Q'18

3Q'19

4Q'19

FY'18

FY'19

Segment Distributable Earnings

$268,541

$252,524

$475,936

$953,479

$1,214,427

Taxes and Related Payables

(9,445)

(20,895)

(11,891)

(44,215)

(62,300)

Preferred Dividends

(9,163)

(9,164)

(9,164)

(31,662)

(36,656)

Distributable Earnings

$249,933

$222,465

$454,881

$877,602

$1,115,471

Add Back: Taxes & Related Payables Attributable to Common & Equivalents

7,968

18,765

5,797

36,645

49,814

DE Before Certain Payables1

257,901

241,230

460,678

914,247

1,165,285

Percent to Common & Equivalents

51%

56%

56%

51%

56%

DE Before Other Payables Attributable to Common & Equivalents

131,530

135,089

257,980

466,266

652,560

Less: Taxes & Related Payables Attributable to Common & Equivalents

(7,968)

(18,765)

(5,797)

(36,645)

(49,814)

DE Attributable to Common & Equivalents2

$123,562

$116,324

$252,183

$429,621

$602,746

Per Share3

$0.60

$0.54

$1.10

$2.12

$2.71

Retained Capital per Share3

(0.04)

(0.04)

(0.21)

(0.29)

(0.36)

Net Dividend per Share3

$0.56

$0.50

$0.89

$1.83

$2.35

Payout Ratio

93%

93%

81%

86%

87%

  1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo's tax receivable agreement.
  2. "Common & Equivalents" consists of total shares of Class A Common Stock outstanding and RSUs that participate in dividends.
  3. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. See page 27 for the share reconciliation.

22

Investment Records as of December 31, 2019

($ in millions)

Vintage Year

Total AUM

Committed

Total Invested

Realized

Remaining

Unrealized

Total

Gross IRR

Net IRR

Capital

Capital

Value

Cost

Value

Value

Private Equity:

Fund IX

2018

$24,789

$24,729

$3,732

$46

$3,732

$3,865

$3,911

NM1

NM1

Fund VIII

2013

19,953

18,377

15,821

8,730

11,828

16,518

25,248

19%

13%

Fund VII

2008

3,805

14,677

16,461

31,260

2,739

1,824

33,084

33

25

Fund VI

2006

648

10,136

12,457

21,126

405

9

21,135

12

9

Fund V

2001

261

3,742

5,192

12,721

120

2

12,723

61

44

Funds I, II, III, IV & MIA2

Various

13

7,320

8,753

17,400

-

-

17,400

39

26

Traditional Private Equity Funds3

$49,469

$78,981

$62,416

$91,283

$18,824

$22,218

$113,501

39%

25%

ANRP II

2016

2,804

3,454

2,253

1,381

1,590

1,559

2,940

19

10

ANRP I

2012

511

1,323

1,144

996

627

291

1,287

4

-

AION

2013

743

826

669

324

459

640

964

17

9

Hybrid Value Fund

2019

3,247

3,238

792

19

785

806

825

NM1

NM1

Total Private Equity

$56,774

$87,822

$67,274

$94,003

$22,285

$25,514

$119,517

Credit:

Structured Credit Funds

FCI III

2017

$2,669

$1,906

$2,394

$985

$1,898

$2,024

$3,009

26%

20%

FCI II

2013

2,270

1,555

2,770

1,765

1,709

1,603

3,368

8

5

FCI I

2012

-

559

1,516

1,975

-

-

1,975

11

8

SCRF IV6

2017

3,170

2,502

3,848

1,907

2,317

2,413

4,320

17

13

SCRF III

2015

-

1,238

2,110

2,428

-

-

2,428

18

14

SCRF II

2012

-

104

467

528

-

-

528

15

12

SCRF I

2008

-

118

240

357

-

-

357

33

26

Total Credit

$8,109

$7,982

$13,345

$9,945

$5,924

$6,040

$15,985

Real Assets:

European Principal Finance Funds

EPF III4

2017

$5,056

$4,509

$2,360

$441

$1,972

$2,612

$3,053

32%

17%

EPF II4

2012

1,498

3,439

3,475

4,288

727

770

5,058

15

9

EPF I4

2007

236

1,451

1,906

3,202

-

7

3,209

23

17

U.S. RE Fund II5

2016

1,295

1,243

848

420

628

804

1,224

19

15

U.S. RE Fund I5

2012

321

653

636

723

211

228

951

14

10

Asia RE Fund5

2017

669

719

428

205

275

351

556

21

15

Infrastructure Equity Fund

2018

1,078

897

800

122

719

875

997

NM

1

NM

1

Total Real Assets

$10,153

$12,911

$10,453

$9,401

$4,532

$5,647

$15,048

Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds.

23

Investment Records as of December 31, 2019 - Continued

Permanent Capital Vehicles

Total Returns

7

($ in millions)

IPO Year

8

Total AUM

4Q'19

FY'19

4Q'18

FY'18

Credit:

MidCap9

N/A

$8,962

4 %

17%

4 %

19%

AIF

2013

377

2

19

(9)

(5)

AFT

2011

405

4

14

(7)

(4)

AINV/Other

10

2004

5,064

11

57

(22)

(18)

Real Assets:

ARI11

2009

6,715

(2%)

21%

(9%)

-%

Total

$21,523

Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation.

  1. Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and such information was deemed not meaningful.
  2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo's Managing Partners and other investment professionals.
  3. Total IRR is calculated based on total cash flows for all funds presented.
  4. Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of December 31, 2019.
  5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $157 million, $771 million and $376 million of co-investment commitments as of December 31, 2019, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.33 as of December 31, 2019.
  6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments.
  7. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission.
  8. An initial public offering ("IPO") year represents the year in which the vehicle commenced trading on a national securities exchange.
  9. MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 1%, 11%, 3% and 14% for 4Q'19, FY'19, 4Q'18 and FY'18, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation.
  10. All amounts are as of September 30, 2019 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV's website is not part of this presentation. Included within Total AUM of AINV/Other is $1.8 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM.
  11. All amounts are as of September 30, 2019 except for total returns. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI's website is not part of this presentation.

24

Reconciliations and Disclosures

Reconciliation of GAAP to Non-GAAP Financial Measures

($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

GAAP Net Income (Loss) Attributable to Apollo Global Management,

($196,408)

$139,893

$155,659

$354,106

$156,879

($42,038)

$806,537

Inc. Class A Common Stockholders

Preferred dividends

Net income attributable to Non-Controlling Interests in consolidated entities

Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group

GAAP Net Income (Loss)

Income tax provision (benefit)

9,163

9,164

9,164

9,164

9,164

31,662

36,656

5,613

8,662

5,143

7,083

9,616

31,648

30,504

(196,271)

157,848

172,195

150,741

182,362

(2,021)

663,146

($377,903)

$315,567

$342,161

$521,094

$358,021

$19,251

$1,536,843

39,425

19,654

16,897

(231,896)

66,351

86,021

(128,994)

GAAP Income (Loss) Before Income Tax Provision (Benefit)

($338,478)

$335,221

$359,058

$289,198

$424,372

$105,272

$1,407,849

Transaction related charges1

(1,831)

5,463

18,135

5,201

20,414

(5,631)

49,213

Charges associated with corporate conversion

-

-

10,006

6,994

4,987

-

21,987

(Gains) losses from changes in tax receivable agreement liability

(35,405)

-

-

38,575

11,732

(35,405)

50,307

Net income attributable to Non-Controlling Interests in consolidated

(5,613)

(8,662)

(5,143)

(7,083)

(9,616)

(31,648)

(30,504)

entities

Unrealized performance fees2

579,413

(184,383)

(129,679)

(183,208)

62,688

782,888

(434,582)

Unrealized profit sharing expense2

(216,452)

75,762

40,799

61,098

29,933

(274,812)

207,592

Equity-based profit sharing expense and other3

32,552

20,962

20,675

22,203

32,368

91,051

96,208

Equity-based compensation

17,098

18,423

18,237

15,802

18,500

68,229

70,962

Unrealized principal investment (income) loss

29,470

(12,328)

(31,893)

(20,411)

(23,944)

62,097

(88,576)

Unrealized net (gains) losses from investment activities and other

207,787

(19,308)

(45,378)

24,155

(95,498)

191,438

(136,029)

Segment Distributable Earnings

$268,541

$231,150

$254,817

$252,524

$475,936

$953,479

$1,214,427

Taxes and related payables

(9,445)

(14,636)

(14,878)

(20,895)

(11,891)

(44,215)

(62,300)

Preferred dividends

(9,163)

(9,164)

(9,164)

(9,164)

(9,164)

(31,662)

(36,656)

Distributable Earnings

$249,933

$207,350

$230,775

$222,465

$454,881

$877,602

$1,115,471

Preferred dividends

9,163

9,164

9,164

9,164

9,164

31,662

36,656

Taxes and related payables

9,445

14,636

14,878

20,895

11,891

44,215

62,300

Realized performance fees

(50,381)

(63,789)

(33,335)

(67,434)

(437,548)

(380,188)

(602,106)

Realized profit sharing expense

37,992

41,139

13,306

23,823

211,984

225,629

290,252

Realized principal investment income, net

(9,158)

(11,436)

(11,281)

(14,374)

(28,606)

(69,711)

(65,697)

Net interest loss and other

8,617

12,692

15,014

18,251

19,369

42,030

65,326

Fee Related Earnings

$255,611

$209,756

$238,521

$212,790

$241,135

$771,239

$902,202

  1. Transaction-relatedcharges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions.
  2. FY'18 includes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.
  3. Equity-basedprofit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo.

26

Reconciliation of GAAP to Non-GAAP Financial Measures - Continued

Share Reconciliation

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

Total GAAP Class A Common Stock Outstanding

201,400,500

201,375,418

200,435,587

222,403,296

222,994,407

Non-GAAP Adjustments:

Apollo Operating Group Units

202,345,561

202,245,561

202,245,561

180,361,308

180,111,308

Vested RSUs

2,380,783

328,788

269,726

216,552

2,349,618

Unvested RSUs Eligible for Dividend Equivalents

7,382,478

8,591,175

8,832,203

8,770,229

6,610,369

Distributable Earnings Shares Outstanding

413,509,322

412,540,942

411,783,077

411,751,385

412,065,702

Reconciliation of GAAP Net Income Per Share of Class A Common Stock to Non-GAAP Financial Per Share Measures

($ in thousands, except share data)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A

($196,408)

$139,893

$155,659

$354,106

$156,879

($42,038)

$806,537

Common Stockholders

Dividends declared on Class A Common Stock

(92,651)

(113,345)

(92,201)

(100,355)

(111,485)

(388,744)

(417,386)

Dividend on participating securities

(4,432)

(4,959)

(4,115)

(4,450)

(4,364)

(18,119)

(17,888)

Earnings allocable to participating securities

-

(1,114)

(2,848)

(11,440)

(1,722)

-

(17,343)

Undistributed income (loss) attributable to Class A Common Stockholders: Basic

($293,491)

$20,475

$56,495

$237,861

$39,308

($448,901)

$353,920

GAAP weighted average number of Class A Common Stock outstanding: Basic

200,269,856

200,832,323

199,578,950

205,797,643

221,863,632

199,946,632

207,072,413

GAAP Net Income (Loss) per share of Class A Common Stock under the Two-

Class Method: Basic

($1.00)

$0.67

$0.75

$1.64

$0.68

($0.30)

$3.72

Distributed Income

$0.46

$0.56

$0.46

$0.50

$0.50

$1.93

$2.02

Undistributed Income (Loss)

($1.46)

$0.11

$0.29

$1.14

$0.18

($2.23)

$1.70

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A

($196,408)

$139,893

$155,659

$354,106

$156,879

($42,038)

$806,537

Common Stockholders

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A

Common Stockholders to Income (Loss) Before Income Tax (Provision) Benefit

(142,070)

195,328

203,399

(64,908)

267,493

147,310

601,312

Differences1

Income (Loss) Before Income Tax (Provision) Benefit

($338,478)

$335,221

$359,058

$289,198

$424,372

$105,272

$1,407,849

Income (Loss) Before Income Tax (Provision) Benefit to Segment Distributable

607,019

(104,071)

(104,241)

(36,674)

51,564

848,207

(193,422)

Earnings Differences1

Segment Distributable Earnings

$268,541

$231,150

$254,817

$252,524

$475,936

$953,479

$1,214,427

Taxes and related payables

(9,445)

(14,636)

(14,878)

(20,895)

(11,891)

(44,215)

(62,300)

Preferred dividends

(9,163)

(9,164)

(9,164)

(9,164)

(9,164)

(31,662)

(36,656)

Distributable Earnings

$249,933

$207,350

$230,775

$222,465

$454,881

$877,602

$1,115,471

Distributable Earnings Shares Outstanding

413,509,322

412,540,942

411,783,077

411,751,385

412,065,702

413,509,322

412,065,702

Distributable Earnings per Share

$0.60

$0.50

$0.56

$0.54

$1.10

$2.12

$2.71

Distributable Earnings to Fee Related Earnings Differences1

5,678

2,406

7,746

(9,675)

(213,746)

(106,363)

(213,269)

Fee Related Earnings

$255,611

$209,756

$238,521

$212,790

$241,135

$771,239

$902,202

Distributable Earnings Shares Outstanding

413,509,322

412,540,942

411,783,077

411,751,385

412,065,702

413,509,322

412,065,702

Fee Related Earnings per Share

$0.62

$0.51

$0.58

$0.52

$0.59

$1.87

$2.19

1. See page 26 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders, Income (Loss) Before Income Tax (Provision) Benefit, Distributable Earnings and Fee Related Earnings.

27

Reconciliation of GAAP to Non-GAAP Financial Measures

($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Total Consolidated Revenues (GAAP)

($114,885)

$677,777

$636,579

$702,721

$914,772

$1,093,065

$2,931,849

Equity awards granted by unconsolidated related parties,

(19,760)

(29,129)

(23,847)

(19,990)

(29,706)

(81,892)

(102,672)

reimbursable expenses and other

Adjustments related to consolidated funds and VIEs

10,323

1,632

90

4,079

7,053

16,386

12,854

Performance fees1

529,032

(248,172)

(163,014)

(250,642)

(374,860)

402,700

(1,036,688)

Principal investment (income) loss

20,312

(23,764)

(43,174)

(34,785)

(68,550)

(7,614)

(170,273)

Total Fee Related Revenues

$425,022

$378,344

$406,634

$401,383

$448,709

$1,422,645

$1,635,070

Realized performance fees2

50,381

63,789

33,335

67,434

437,548

380,188

602,106

Realized principal investment income, net and other

8,316

10,594

10,438

13,532

27,764

66,342

62,328

Total Segment Revenues

$483,719

$452,727

$450,407

$482,349

$914,021

$1,869,175

$2,299,504

Total Consolidated Expenses (GAAP)

$73,943

$378,017

$342,525

$371,372

$599,366

$902,939

$1,691,280

Equity awards granted by unconsolidated related parties,

(21,000)

(28,842)

(23,865)

(20,563)

(30,022)

(82,724)

(103,292)

reimbursable expenses and other

Reclassification of interest expense

(15,206)

(19,108)

(23,302)

(27,833)

(28,126)

(59,374)

(98,369)

Transaction-related charges

1,831

(5,463)

(18,135)

(5,201)

(20,414)

5,631

(49,213)

Charges associated with corporate conversion

-

-

(10,006)

(6,994)

(4,987)

-

(21,987)

Equity-based compensation

(17,098)

(18,423)

(18,237)

(15,802)

(18,500)

(68,229)

(70,962)

Total profit sharing expense3

145,908

(137,863)

(74,780)

(107,124)

(274,285)

(41,868)

(594,052)

Dividend compensation program expense

-

-

-

-

(16,000)

-

(16,000)

Total Fee Related Expenses

$168,378

$168,318

$174,200

$187,855

$207,032

$656,375

$737,405

Realized profit sharing expense2

37,992

41,139

13,306

23,823

211,984

225,629

290,252

Total Segment Expenses

$206,370

$209,457

$187,506

$211,678

$419,016

$882,004

$1,027,657

Total Consolidated Other Income (Loss) (GAAP)

($149,650)

$35,461

$65,004

($42,151)

$108,966

($84,854)

$167,280

Adjustments related to consolidated funds and VIEs

(15,934)

(9,134)

(4,367)

(10,338)

(14,768)

(43,858)

(38,607)

(Gain) loss change in tax receivable agreement liability

(35,405)

-

-

38,575

11,732

(35,405)

50,307

Net (gains) losses from investment activities

206,986

(18,825)

(45,053)

19,783

(94,022)

186,426

(138,117)

Interest income and other, net of Non-Controlling Interest

(7,030)

(7,772)

(9,497)

(6,607)

(12,450)

(17,340)

(36,326)

Other Income (Loss), net of Non-Controlling Interest

(1,033)

(270)

6,087

(738)

(542)

4,969

4,537

Net interest loss and other

(7,775)

(11,850)

(14,171)

(17,409)

(18,527)

(38,661)

(61,957)

Total Segment Other Loss

($8,808)

($12,120)

($8,084)

($18,147)

($19,069)

($33,692)

($57,420)

  1. Excludes certain performance fees from business development companies and Redding Ridge Holdings.
  2. FY'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.
  3. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other.

28

Total Segment Revenues, Expenses and Other Income (Loss)

The following table sets forth Apollo's total segment revenues for the combined segments

($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Management fees

$344,716

$358,623

$366,311

$378,372

$387,764

$1,282,688

$1,491,070

Advisory and transaction fees, net

70,021

19,060

31,062

16,562

56,206

111,567

122,890

Performance fees1

10,285

661

9,261

6,449

4,739

28,390

21,110

Total Fee Related Revenues

425,022

378,344

406,634

401,383

448,709

1,422,645

1,635,070

Realized performance fees2

50,381

63,789

33,335

67,434

437,548

380,188

602,106

Realized principal investment income. net and other

8,316

10,594

10,438

13,532

27,764

66,342

62,328

Total Segment Revenues

$483,719

$452,727

$450,407

$482,349

$914,021

$1,869,175

$2,299,504

The following table sets forth Apollo's total segment expenses for the combined segments

($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Salary, bonus and benefits

$102,397

$105,725

$110,269

$116,859

$130,463

$414,962

$463,316

General, administrative and other

65,243

63,033

63,156

70,740

76,075

239,291

273,004

Placement fees

738

(440)

775

256

494

2,122

1,085

Total Fee Related Expenses

168,378

168,318

174,200

187,855

207,032

656,375

737,405

Realized profit sharing expense2

37,992

41,139

13,306

23,823

211,984

225,629

290,252

Total Segment Expenses

$206,370

$209,457

$187,506

$211,678

$419,016

$882,004

$1,027,657

The following table sets forth Apollo's total segment other income for the combined segments

($ in thousands)

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

FY'18

FY'19

Other income, net

$209

$334

$6,731

$144

$479

$9,977

$7,688

Non-Controlling Interest

(1,242)

(604)

(644)

(882)

(1,021)

(5,008)

(3,151)

Other Income (Loss), net of Non-Controlling Interest

(1,033)

(270)

6,087

(738)

(542)

4,969

4,537

Net interest loss and other

(7,775)

(11,850)

(14,171)

(17,409)

(18,527)

(38,661)

(61,957)

Total Segment Other Loss

($8,808)

($12,120)

($8,084)

($18,147)

($19,069)

($33,692)

($57,420)

  1. Represents certain performance fees from business development companies and Redding Ridge Holdings.
  2. FY'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.

29

Non-GAAP Financial Information & Definitions

Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("Non-GAAP"):

  • "Segment Distributable Earnings", or "Segment DE", is the key performance measure used by management in evaluating the performance of Apollo's credit, private equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following:
    • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires;
    • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses;
    • Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo's stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo's performance and growth for the year; and
    • Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUs that participate in dividends and holders of AOG Units.

Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo's net realized earnings, excluding the effects of the consolidation of any of the related funds, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements.

  • "Distributable Earnings" or "DE" represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo's tax receivable agreement. DE is net of preferred dividends, if any, to Series A and Series B Preferred Stockholders. DE excludes the impacts of the remeasurement of the tax receivable agreement resulting from changes in the associated deferred tax balance, including the impacts related to the Tax Cuts & Jobs Act enacted on December 22, 2017 and changes in estimated future tax rates. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates and may change due to changes in interpretations and assumptions of tax legislation.
  • "Fee Related Earnings", or "FRE", is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees earned from business development companies and Redding Ridge Holdings and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages.

30

Non-GAAP Financial Information & Definitions Cont'd

  • "Assets Under Management", or "AUM", refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of:
    1. the net asset value, ("NAV") plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations ("CLOs"), collateralized debt obligations ("CDOs"), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets;
    2. the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus available financing capacity;
    3. the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and
    4. the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.

Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways.

We use AUM, Capital deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.

  • "AUM with Future Management Fee Potential" refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
  • "Fee-GeneratingAUM" or "FGAUM" consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on "net asset value," "gross assets," "adjusted par asset value," "adjusted cost of all unrealized portfolio investments," "capital commitments," "adjusted assets," "stockholders' equity," "invested capital" or "capital contributions," each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM.
  • "Performance Fee-EligibleAUM" or "PFEAUM" refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following:
    • "Performance Fee-GeneratingAUM", which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements;
    • "AUM Not Currently Generating Performance Fees", which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle rate or preferred return; and
    • "Uninvested Performance Fee-EligibleAUM", which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner.

31

Non-GAAP Financial Information & Definitions Cont'd

  • "Athene Holding" refers to Athene Holding Ltd. (together with its subsidiaries, "Athene"), a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Apollo Insurance Solutions Group LLC (formerly known as Athene Asset Management LLC) ("ISG"), provides asset management and advisory services
  • "Athora" refers to a strategic platform established to acquire or reinsure blocks of insurance business in the German and broader European life insurance market (collectively, the "Athora Accounts"). The Company, through its consolidated subsidiary Apollo Insurance Solutions Group International LLC (formerly known as Apollo Asset Management Europe LLP) ("ISGI"), provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.
  • "Advisory" refers to certain assets advised by Apollo Insurance Solutions Group International LLC.
  • "Capital deployed" or "Deployment" is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our commitment based funds and (ii) SIAs that have a defined maturity date.
  • "Distributable Earnings Shares Outstanding" or "DE Shares Outstanding", consists of total shares of Class A Common Stock outstanding, Apollo Operating Group Units and RSUs that participate in dividends. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share.
  • "Dry Powder" represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry Powder excludes uncalled commitments which can only be called for fund fees and expenses.
  • "Gross IRR" of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated ("USD") fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
  • "Gross IRR" of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on December 31, 2019 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
  • "Gross IRR" of a real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on December 31, 2019 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
  • "Gross Return" of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returns of CLOs represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period's return over time.
  • "Inflows" represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments.
  • "Net IRR" of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
  • "Net IRR" of a private equity fund means the Gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund's subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

32

Non-GAAP Financial Information & Definitions Cont'd

  • "Net IRR" of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of December 31, 2019 or other date specified is paid to investors), excluding certain non-fee and non- performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
  • "Net Return" of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period's return over time.
  • "Permanent Capital Vehicles" refers to (a) assets that are owned by or related to Athene or Athora, (b) assets that are owned by or related to MidCap FinCo Designated Activity Company ("MidCap") and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation ("AINV"), Apollo Commercial Real Estate Finance, Inc. ("ARI"), Apollo Tactical Income Fund Inc. ("AIF"), and Apollo Senior Floating Rate Fund Inc. ("AFT"), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not "interested persons" as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days' written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI's board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI's independent directors. The investment management or advisory arrangements between MidCap and Apollo, Athene and Apollo and Athora and Apollo, may also be terminated under certain circumstances.
  • "Private Equity fund appreciation (depreciation)" refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I, II & III, Apollo Special Situations Fund, L.P., AION Capital Partners Limited ("AION") and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period's return over time;
  • "Realized Value" refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund.
  • "Redding Ridge" refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests.
  • "Remaining Cost" represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment.
  • "Total Invested Capital" refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves.
  • "Total Value" represents the sum of the total Realized Value and Unrealized Value of investments.
  • "Unrealized Value" refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments; and
  • "Vintage Year" refers to the year in which a fund's final capital raise occurred, or, for certain funds, the year in which a fund's investment period commences as per its governing agreements.

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Forward-Looking Statements

Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC ("AGM LLC") to a Delaware corporation named Apollo Global Management, Inc. ("AGM Inc." and such conversion, the "Conversion"). This presentation includes the results for AGM LLC prior to the Conversion and the results for AGM Inc. following the Conversion. In this presentation, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to (a) Apollo Global Management, Inc. and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, following the Conversion and (b) AGM LLC and its subsidiaries, Apollo Operating Group and all of its subsidiaries, prior to the Conversion, or as the context may otherwise require. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward- looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 1, 2019 and quarterly report on Form 10-Q filed with the SEC on August 6, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund.

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Apollo Investment Corporation published this content on 30 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2020 16:19:00 UTC